What are Micro-credit loans, and what do they do?
The project provides a micro-credit loan scheme for
adult women which will enable them to improve the economic status of their families. Women in the poorest families in Ibadan can receive loans of about $100 to set up their own small businesses to generate income, such as a vegetable and fruit stands, grocery stores, or even carpentry and sewing services. To guarantee repayment, the loans are granted to women in groups of three in which each group member serves as a guarantor for the other two, therefore increasing the probability of loan repayment. In the last phase of this project, (2005-2006), the loans were re-payed at 100%!
